Burger King India IPO Subscribed 3.13 Times On Day 1
A Burger King sign sits on display outside a fast food restaurant  (Photographer: Andrey Rudakov/Bloomberg)

Burger King India IPO Subscribed 3.13 Times On Day 1

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The initial public offering of Burger King India got subscribed 3.13 times on the first day of subscription on Wednesday.

The IPO, which will close on Friday, received bids for 23.32 crore shares against 7.44 crore shares on offer, as per data available with the NSE.

Qualified institutional buyers category was subscribed 17%, non-institutional investors' segment received 71% subscription, while the portion reserved for retail individual investors got subscribed 15.54 times.

The initial public offer will see the Indian subsidiary of the U.S.-based Burger King raise Rs 810 crore, including a fresh issue of shares worth Rs 450 crore.

Promoter entity QSR Asia Pte Ltd. will sell up to 6 crore shares through the IPO. At the upper end of the price band, the sale would fetch Rs 360 crore.

The price band for the offer is at Rs 59-60 per share.

Also read: Burger King India IPO: Here’s All You Need To Know

The quick service restaurant chain currently operates 268 stores in India and out of them, eight are franchises, mainly located at airports, while the rest are owned by the company.

Burger King India had on Tuesday raised Rs 364.5 crore from anchor investors.

Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services and JM Financial are the managers to the offer.

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